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Matt Simmons Ape Akin to Real Oil Issues

Matt Simmons Ape Akin to Real Oil Issues

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Published by Mark Gilbert

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Published by: Mark Gilbert on Aug 11, 2011
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Estimates Of 21 At Century United States Oil & Gas Supplies
   B   i   l   l   i  o  n   B  a  r  r  e   l  s   O   i   l   E  q  u   i  v  a   l  e  n   t   P  e  r   Y  e  a  r   (   E   B   O   E   )
131211109876543210190010203040506070809020001020304050607080902100Source: Oil & Gas Investor Imported Natural Gas 450 GBOENatural Gas 217 GBOENatural Gas 105 GBOEImported Crude And Products 390 GBOECUM 30 GBNGLCUM Crude Oil 166 GBO
TAKING A PEEK INTO REAL PEAK OIL ISSUES
Oil Depletion ConferenceEdinburgh, Scotland April 25, 2005ByMatthew R. Simmons
 
S
IMMONS
& C
OMPANYINTERNATIONAL
Is Peak Oil At Hand?Or Years Away?Is Peak Oil At Hand?Or Years Away?
Some Peak Oil advocatesargue ³Peak is at hand.´
Skeptics put Peaking decadesor a millennium away.
Super skeptics think oil use willwane, eliminating any stresson peak supply.
To date, only diagnostic tool toprove issue is ³rearview mirror.´
Energy data reform would providehard ³answers.´
 
S
IMMONS
& C
OMPANYINTERNATIONAL
Traditional Peak Oil Analysis Still Applies Hubbert¶s 50% RecoveryTraditional Peak Oil Analysis Still Applies Hubbert¶s 50% Recovery
Current flaws to thistechnique:
 ±³Proven Reserves´ have noaudits. ±Long life heavy oil co-mingledwith light oil. ±Reservoir pressuremaintenance prolongs peakoutput. ±Modern technology extendshigh flows of recovered oil.
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Hubbert¶s thesis: When % of a recoverable resource used, remainder declinesin output.
ll these flaws create illusion peaking is further away.

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